Costco, the multinational corporation, has made a bold move by starting to sell gold bars online, a move that has captured the attention of its millions of customers.
Impressive Sales Figures
The retailer's venture into the precious metals market has been remarkably successful, with sales reaching million within just three months of launch. The gold bars are available exclusively to Costco's 72 million members, with each account limited to purchasing a maximum of two bars.
The products on offer are a one-ounce gold PAMP Suisse Lady Fortuna Veriscan bar and a one-ounce bar from South Africa's Rand Refinery. Despite their origins halfway across the world, both bars come at similar prices; the PAMP bar is listed online for ,980, while the Rand bar can be yours for ,950.
Strategy for Selling Gold Bars
The pricing strategy echoes Costco's mission of offering the best possible prices to its members. The corporation's Chief Financial Officer underlined that the gold bars are sold with a minimal markup, with the prices staying close to the average market value of gold. This innovative move is part of a strategy to boost Costco's membership numbers, with plans to increase membership pricing after adding the gold bars to their product line.
Gold in Unexpected Places
In an interesting twist, one American customer unexpectedly found gold bars in a storage unit that was purchased for just ,500. This only serves to reinforce the intrigue and fascination surrounding the precious metal, and Costco's decision to tap into this market.